FMHL says new partner to enhance group’s growth prospects
FIRST Mutual Holdings (FMHL) says the new strategic partner that biggest shareholder NSSA, intends to bring will enhance the group’s growth prospects.
This comes as NSSA has announced its intention to reduce its stake in First Mutual Holdings Limited (“FMHL”) from the current 66.22% to 35% through offloading up to 31.22% to a strategic partner.
“This move will see NSSA in compliance with regulatory requirements, while bringing in a strategic investor with solid financial resources, synergistic, technical and strategic benefits to enhance the growth prospects of the First Mutual Group,” company secretary S F Lorimer, said in a statement.
Post the transaction, NSSA will remain as the single largest shareholder in FMHL. “These new developments may have a material effect on the price of the company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made,” the company warned shareholders.